The stock after a steep fall has entered its demand zone as you can see in the chart.
It's taking support in this zone yet once again.
Keep this zone in watch.
Trade accordingly.
Its been observed that in 4 Hour Charts the Price is heading towards downward trend , if it Brakes below 144 and close below 144 then one can go for short selling for target of 140/139 With SL 144.75
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Looks like a nice cup and handle is in formation. Today almost it touched its upper range of support (138) and close nicely at 141. RSI and slow stochastic are near mid which does not indicate any trend so keep watch for few days to confirm the handle formation.
Here, is a potential short setup .
I'll go short on PNB tomorrow , only below 145 , if it stays above it, no trade entry.
If it's below at 144, I'll go short :
A part for intraday,
where I'll keep 1 point stoploss
and target according to movement.
And the other part for positional,
where stoploss would be 151 ( 7 points ) and
target 132 ( 14 points )...
As shown in chart, PNB took support at Gann line and the uptrend may continue from here. Long position can be taken once it closes above 144.35 which happens to be 38.2% retracement level. SL and Tgt are shown in the chart.
NSE:PNB is showing good market structure with rising volume on up-moves. * See those green volume spikes.
Short-term target would be intermediate resistance of 129.
Stop-loss would be a good trendline break.
Its been observed that PNB has been following an up trending channel since 24 may 2016.
Considering the fundamentals, current events and upcoming events I am strongly bullish on PNB.
Please feel free to share your thoughts and suggestions on this.
PS: A small violation in the channel pattern was observed on the US election results day (09 NOV 2016) when the...
Price pattern....rest detail setup is not possible here to demonstrate... may it will go or conflunce with yur setup....
till now in buy setup....till above 137.8 and for long term purpose 112
Punjab National Bank after breaking rising wedge pattern retested the broken level again, it seems to trade in downward direction from here, its the best time to enter short on retest level and short between 142-145, risky trader may short at CMP and no more room for conservative trader they can too short at CMP for a target of of 123.00 in near term.
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